India: Sequoia-backed Tapzo app to wind up after acquisition by Amazon Pay

Days after being acquired by Amazon Pay, the e-commerce giant’s payments arm, app aggregator Tapzo has announced that it will shut down its mobile app. Making new transactions has already been blocked on the Bengaluru-based startup Tapzo and its customers have been asked to provide bank account details for refunds.

In an email to customers, Tapzo said its app will be shutting down from October 31 and the entire Tapzo cash balance will be refunded to customers’ bank accounts.

“Since we launched the app 3 years ago, we’ve been fortunate to serve over 5 million customers. Your feedback and reviews (200,000+ on PlayStore alone) and the 4.5 rating kept us motivated and always learning. It’s been a pleasure listening to you all and continuously shipping an app update every few weeks consistently. But all good things must come to an end,” Tapzo, which was so far backed by Sequoia, said.

Tapzo had over 35 apps on board including Uber, Ola, Swiggy, Zomato, Nearby, Little, Airtel, etc. Its business model allowed customers to use multiple apps from its platform, thereby doing away with the need for downloading multiple apps and blocking storage space. Tapzo, which claims to have 50 lakh customers, had Freecharge, MobiKwik and Ola Money as payment partners.

How to claim refunds from Tapzo

Tapzo has promised to refund the entire cash balance to all its customers and refund money to all Tapzo Gold subscribers.

Tapzo customers have to register their bank account details on the app, after which refunds will be processed automatically.

If you had purchased Digital Gold from Tapzo app, it is advisable to either sell gold or take delivery from Tapzo partner Augmont’s app.

Tapzo’s journey:

According to a PTI report, Amazon had bought Tapzo for about USD 35-40 million.

Tapzo has undergone multiple name changes since its launch in 2010 — from Akosha to Helpchat and then finally Tapzo in 2016. The startup had raised Rs 100 crore in funding from Sequoia India and Ru-Net in May 2015, followed by another round of an undisclosed amount led by American Express Ventures.

Earlier this year, it invested USD 22 million (about Rs 144 crore) in digital lending firm Capital Float, as well as USD 12 million in digital insurance startup Acko. It has also reportedly invested in digital payments start-up ToneTag.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.